Introduction
Jeffery L. Mowery
by Jeffery L. Mowery
Tax evasion is a global issue. Whether it’s underreporting income, inflating deductions, or sheltering assets to reduce tax obligations, the effects of tax evasion are felt throughout the global economy. The complexity of tax laws and regulations, both ever-changing and intricate, can easily lead someone to unknowingly make mistakes that could be interpreted as tax fraud. Even straightforward errors, such as misinterpreting tax codes or failing to meet new compliance standards, can have serious consequences.
As an accountant living in the United States, I am acutely aware that the trust placed in our profession is built on transparency and compliance. Tax evasion undermines both. Beyond the financial risks of heavy fines as well as the legal penalties, businesses exposed in tax evasion scandals often suffer a loss of client and investor confidence, which can have a lasting impact on their operations and brand reputation.
However, there's an opportunity for taxpayers to correct their mistakes before matters escalate: voluntary disclosure.
Voluntary disclosure is a crucial tool in the tax system. It provides taxpayers with a chance to come forward, correct past errors, and avoid criminal prosecution. While voluntary disclosure does not guarantee immunity from all consequences, it can substantially reduce the severity of the outcome. As tax professionals, we are uniquely positioned to guide our clients through this process, and ensure they take the right steps to bring their tax affairs into compliance.
In this special edition of International Taxation News, we are looking at the voluntary disclosure policies of seventeen countries. GGI is examining this issue to better understand how different countries define and address tax evasion, as well as the conditions, benefits, and limitations of voluntary disclosure processes. Ultimately, the goal of this newsletter is to share the legal frameworks and practices that guide individuals and professionals in resolving tax violations across jurisdictions – to understand our commonalities, as well as our differences.
As we strive to connect our clients with reputable service providers across borders, it's essential that we address the legal and fiscal challenges that come with achieving compliance. By ensuring our members are equipped with the knowledge to navigate international tax laws, we help protect both businesses and individuals from potential risks while maintaining the integrity of our cross-border networks.
Mowery & Schoenfeld is proud to sponsor this publication, which we hope will help GGI members navigate the complexities of voluntary disclosure in their day-to-day work as well as spark conversation about the practice as a whole. Thank you to everyone who contributed to this ITPG special edition newsletter. Everyone’s commitment and passion for their work is what keeps GGI strong.
Mowery & Schoenfeld is a US-based firm offering accounting, assurance, tax, advisory, and IT services. With over 20 partners and more than 200 employees, our wide range of services and expertise allows us to deliver customised solutions that meet the unique needs of our international clients. Mowery & Schoenfeld is committed to fostering strong partnerships with GGI members worldwide.
GGI member firm Mowery & Schoenfeld, LLCLincolnshire (Chicago), IL, USAT: +1 847 247 8959
Auditing & Accounting, Tax
Jeffery L. Mowery is the Managing Partner and co-founder of Mowery & Schoenfeld. He specializes in solving tax and strategic business problems for his clients, with expertise in complex taxation issues for entrepreneurial businesses. He holds a Bachelor and Master of Science in Accountancy from the University of Illinois Urbana-Champaign; a Juris Doctorate of Law from Loyola University; and a Master of Laws in Taxation from DePaul University.Contact Jeffery L. Mowery.
